44,000 viewers tuned into the season 2 premiere of Lucha Underground, according to Showbuzzdaily.com. It's a disappointing number but keep in mind that El Rey is not available on many cable systems and many that get it are getting it on a higher tier. Last season, they were watched by more people on Saturdays on Unimas (the Spanish-language version of the show).
The problem with Lucha Underground is not the production or the talent. They need revenue coming in and airing on El Rey with very little ad money coming in is not going to cut it in the long run. Keep in mind that there have been reports of $20 million being spent on season 1.
A deal with Univision could help solve their issues but there are no signs of that happening.